- Ethereum (ETH) dropped 1.4% amid broader market uncertainty and rising sell pressure, with 305,000 ETH sent to exchanges in a week and whales dumping 63,000 ETH in just 48 hours.
- ETH is currently trading within a falling channel pattern, facing strong resistance near $2,000; if bulls break through, targets could reach $2,875–$3,400.
- If momentum fades and selling continues, ETH risks dropping back toward $1,400, especially if it gets rejected again at the upper trendline—a zone that’s triggered major reversals in the past.
Ethereum (ETH) just took a hit—dropping more than 1.4% during Thursday’s U.S. market session. It wasn’t just ETH though. The whole market kind of stumbled after China denied it was in any real talks with the U.S. And that news? It sent risk assets—crypto included—into a bit of a rethink.
Now, here’s the kicker: with the mood turning cautious again, some on-chain signals are flashing yellow… maybe even red.
Whale Moves + Exchange Inflows = Uh-oh?
In the last two weeks, ETH bounced hard—from $1,385 up to $1,766. That’s a pretty sweet 27.8% gain, not gonna lie. But it seems like a bunch of folks—both whales and regular traders—used that rally to lock in profits.
According to analyst Ali Martinez, over 305,000 ETH was shoved into centralized exchanges in the past seven days. That’s a big number. And in the past 48 hours alone? Whales dumped 63,000 ETH.
Let that sink in for a sec.
More ETH on exchanges usually means one thing: people are getting ready to sell. And when whales lead the charge? It often drags sentiment—and prices—down with it.
Chart Check: Make or Break Time?
Zooming out to the daily chart, ETH is still moving inside this falling channel pattern—basically two trendlines sliding down together like rails on a track. ETH recently bounced off the lower support of that channel, which is nice, but it’s now facing heavy resistance about 13.5% above—that’s right around the $2,000 mark.
Break through that? And we might see a legit run toward $2,875 or even $3,400. But that’s a big if.
Because here’s the thing: every time ETH has hit that channel resistance, it’s gotten slapped back down hard. We’re talking 24% to 36% retracements after previous rejections. Not fun.
So unless bulls step in with serious momentum—and soon—this bounce could get sold into. Again.
What Happens If Support Breaks?
If sellers keep piling in, and the chart follows its recent script, ETH could turn back down and test the $1,400 zone. That’s where things get real sketchy. A drop below that could unravel a lot of the gains we’ve seen lately.
So yeah, ETH’s at one of those “watch it closely” moments. Whales are selling, exchanges are stacking ETH, and macro news isn’t doing us any favors either. If this bounce turns into just another lower high… strap in.
